40-1028. Consolidation of business into one class; vote of directors.
40-1028
40-1028. Consolidation of business into one class; vote of directors. Any mutual fire and tornado insurance company organized and existingunder the provisions of sections 40-1001 to 40-1026 inclusive of chapter231 of the Laws of 1927 and amendments thereof and having such reservefunds as are required by law to be maintained by such companies mayconsolidate its business into one class and may thereafter issue all itspolicies and conduct all of its business and keep all its accounts in asingle class: Provided, however, That before such change shall be madein the manner of conducting its business, the board of directors of suchcompany shall by vote of not less than two-thirds of all its membersresolve to conduct the business of the company under the provisions of thissection.
History: L. 1931, ch. 206, § 5; May 28.